An overseas building company has entered the New Zealand market, promising to build affordable houses in half the normal time.

Panasonic Homes, part of the giant Japanese multinational Panasonic Corporation, has partnered with New Zealand residential building company Mike Greer Commercial.

It is the first time Panasonic Homes has expanded outside of Asia.

The company builds prefabricated house panels, such as external walls, floors and the roof, for stand-alone houses and rental apartments.

Having ready-made components could reduce the typical build time for a New Zealand house from about seven months to three.

Panasonic Homes representative Anna Filippova said the company had built a prototype in Te Kauwhata and was on the lookout for new sites.

"We are committed to helping to grow New Zealand's housing stock for families who are in need of affordable homes," she said.

Panasonic Homes is also working on 10 terraced-type houses in Mt Roskill and has other projects in the pipeline.

Mike Greer Commercial will own the land and oversee construction, while Panasonic Homes will supply prefabricated panels.

Panasonic Homes has built houses in Taiwan, Malaysia and Indonesia.